What sum will amount to Rs. 2782.50 in 2 years at compund interest , if the rates are 5% and 6% for the successive years?
Answers
Answered by
0
Answer:It is given that
Amount (A)=2782.50
Rate of interest for two successive years =5% and 6%
We know that
A = P(1+r/100)
n
Substituting the values
2782.50=P(1+5/100)(1+6/100)
By further calculation
2782.50=P×21/20×53/50
So we get
P=2782.50×20/21×50/53
Multiply and divide by 100
P=278250/100×20/21×50/53
P=2500
Hence, the principal is 2500.
Step-by-step explanation:
Similar questions